Mohamed A. El-Erian, Chief Economic Adviser at Allianz, the corporate parent of PIMCO where he served as CEO and co-Chief Investment Officer, was Chairman of US President Barack Obama’s Global Development Council. He previously served as CEO of the Harvard Management Company and Deputy Director at the International Monetary Fund. He was named one of Foreign Policy’s Top 100 Global Thinkers in 2009, 2010, 2011, and 2012. He is the author, most recently, of The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse.

The virtues of capitalism. Just because something stops being free doesn't mean a person is entitled. The Idea to use a non scientifically supported and endorsed claims of global warming to drastically over regulate the business sector of the American economy; and as a politically misguided means to 'redistribute' money via third world style government corruption drives pessimism among employers as there is more incentive to resist creating new enterprises or expanding current business. Many people want jobs, I am inclined to believe that as many want to continue convalescing when they could be working. Businesses are running form states rife with liberal tax and spend-spend policies. Primary examples of the outcome of these deficit spending policies are Detroit Michigan, San Bernadino California, Stockton CA. etc. and more and the list of cities that borderline bankruptcy is growing. Red states have expanding economies and job growth. The fable of the story here is, if you cannibalize your employers feet, they can't carry you.

El-Erian wants to lay the blame for partisan-induced stagnation at the feet of Congress, when it is the deeply polarized electorate that is responsible for much of the lack of progress. Yes, a majority of Americans support immigration reform and raising the minimum wage, but Obamacare is more unpopular than ever and may lead to the Democrats losing the Senate in 2014. guaranteeing further gridlock. Asking American conservatives to support measures reducing economic inequality is no easier than getting German citizens to reverse ineqiuities vis a vis Southern Europe.

It will be more and more difficult to avoid modernizing the constitution. America has an elected King that carry the executive power like any 19th century kingdom, but with a 20th century powerful parliament (Congress). The executive power need to be responsive to the changes in Congress and the President is made the Head of State above the political fray.

Yes, yes, all very high-minded, to be sure. But members of Congress still have to be elected from their home districts, not from PIMCO. And keep in mind that this is how democracy works in actuality; it looks messy, but it's still better, in my opinion, than turning over the controls to the VIP's.

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